NU Online News Service, Jan. 16, 3:36 p.m. – Conseco Inc., Carmel, Ind., and its insurance subsidiaries have been downgraded by Standard & Poor’s, New York, even as the insurance and finance holding company announced that it had repurchased $34 million of its 2002 debt securities.
The senior debt rating of the parent was lowered to B from B+ and the preferred stock rating was lowered to CCC from CCC+.
The ratings of the Conseco insurance units were downgraded to BB+ from BBB-. S&P says the outlook on Conseco is stable.
S&P adds that although Conseco has made “considerable progress” in selling non-strategic assets, a weak economy could hamper future planned debt reduction.